JPMorgan Chase & Co is the No. 1 firm in Institutional Investor’s 2020 All-Brazil Research Team.

The 17th annual ranking of Brazil’s best equity research teams was determined by nearly 470 investment professionals across 316 asset management firms with significant Latin American holdings. Respondents rated research teams across 17 industry and economic sectors, with their votes weighted by how much they spent on sell-side research.

In this year’s commission-weighted ranking, JPMorgan just edged out last year’s incumbent BTG Pactual, earning 17 total team positions to the Brazilian bank’s 16.

Bradesco BBI tied with BTG Pactual for second, while Credit Suisse dropped one spot to fourth place. BofA Securities and UBS tied for fifth place with 7 positions each.

When votes were weighted based on assets under management instead of commissions, JPMorgan and BTG Pactual tied for first place, while Bradesco BBI took third.

Investors also voted for their favorite analysts to form two additional leaderboards based on individual researchers. In the commission-weighted ranking, BTG Pactual continued its reign, breaking last year’s two-way tie with Bradesco BBI to keep the No. 1 spot. Bradesco BBI and JPMorgan tied for second. These results did not change when votes were weighted by assets under management.